On 31st December 2009 we reported that Mood Media had put itself up for sale and yesterday it was finally announced that Fluid Music Canada had acquired the ‘European background music supplier’ for $206 million.
Toronto-based Fluid Music Canada describes itself as “the world’s largest private label music aggregation and distribution company” and plans (heaven help them) to list its stock on London’s AIM Exchange.
Fluid Music will acquire all the outstanding shares and debt in Luxembourg-based Mood Media and is expected to close by 4th June 2010.
Mood Media has 550 employees and it was reported of having annual revenue of $130 million – we thought it was more like EURO 130 Million.
Either way, Mood Media being sold for 1 – 1.5x revenue is, err how should we say this, OUCH!!!